El Salvador became the first country to adopt Bitcoin as a currency a few weeks back. And even though the price of crypto crashed the very same day like it was some orchestrated move, the President stood by his decision. How do we know? During and after the crash, El Salvador took full advantage of the situation and bought more coins and averaged their holdings. And now the El Salvador President tweets about the new renewable Bitcoin mining setup in the country.
First steps…
🌋#Bitcoin🇸🇻 pic.twitter.com/duhHvmEnym
— Nayib Bukele (@nayibbukele) September 28, 2021
El Salvador is going in the right direction
Many of you might be thinking about how mining is excellent for El Salvador when it is not doing great economically. There is a shortage of electricity in the country, and instead of providing the same to the citizens, it is being used for mining. It doesn’t seem good, right? Well, that is the good part here. El Salvador has a volcano that is far away from any inhabited area. Using the geothermal energy from the volcano and sending it to the cities will be very inefficient. This is why it is instead being used for mining Bitcoin. It is an excellent move as the energy is not getting wasted as well as El Salvador is able to make money from it.
From an environmental standpoint, this mining is also totally green, which make it even better. No one can actually complain that El Salvador is polluting the environment or wasting energy as it is using wasted energy. The good part here is that Bitcoin could help El Salvador slowly reduce its dependency on the dollar. The country wouldn’t obviously want that the US to print the dollar, and they also face inflation. Bitcoin is the only solution to this.
What are your thoughts on renewable bitcoin mining as the El Salvador President tweets about it? And do you think El Salvador is headed in the right direction with Bitcoin? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: New US bill requires treasury to report on crypto and its global use.
